Full text of H.16 Capital Market Developments : June 30, 1975

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Capital
Market
Developments

June 3 0 , 1 9 7 5

Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE, AGRICULTURAL, and
CONSUMER FINANCE SECTION




DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D C. 20551

N

Index

TABLES
1-6

SECURITY VOLUME AND. YIELDS

7, 8

STOCK MARKET AND SECURITY CREDIT

9-16

MORTGAGE MARKET




SYMBOLS
e
P
r
n.a.

ESTIMATE
PRELIMINARY
REVISED
NOT AVAILABLE

—

DATA DO NOT EXIST

3

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

1975 - Apr.

May

June

NEW ISSUE
Aaa UTILITY

1

VOLUME

RECENTLY
OFFERED
Aaa UTILITY

2

GROSS
3
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

4
11
18
25

9.80
9.65
9.51
9.66

9.70
9.60
9.55
9.71

576
687
821
647

97
98
98
93

47
13
26
55

2
9
16
23
30

9.80
9.65
9.54
9.61
9.62

9.69
9.60
9.61
9.66
9.70

340
1,210
1,024
825
415

95
93
95
93
90

10
80
55
144
85

6
13
20
27

9.41
8.95
9k07r
9.37p

9.53
9.22
9.14r
9.31p

1,002
951r
1,237
800

98
98
93
93

4
13
143
197

•

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1975 - Apr.

May

June

3
GROSS
OFFERINGS
($ MILLIONS)

MOODY'S
NEW ISSUE

BOND BUYER
2Q-BOND
INDEX

4
11
18
25

6.45
6.55
6.40
6.45

6.93
7.03
6.86
6.97

450
403
455
605

2
9
16
23
30

6.40
6.35
6.35
6.50
6.50

6.95
6.86
6.88
7.09
7.09

451
613
626
641
378

6
13
20

6.35
6.15
6.30
6.30

7.05
6.80
6.93
7.00

680
623
671
537

PER CENT
SOLD BY END
OF WEEK

.

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

76
87
90
84

154
92
91
122

87
84
80
76
89

109
130
190
256
166

81
91
85
91

175
77
121
99

NOTES:
1

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price
restrictions sometime during the last four weeks.
Estimated by F.R. on the bash of available data.
Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.

3
4




Table 2

HIGH GRADE BOND YIELDS
NEW ISSUE
A a a UTILITY

DATE

M O O D Y ' S SEASONED
CORPORATE A a a

3

U S. GOVT. 20-YEAR
CONSTANT MATURITY

4

B O N D BUYER
2D-BOND INDEX

(7/30)

8.23

(1/1)

7.71

(8/21)

6.51

(6/18)

6.23

(6/23)

7.02

(2/5)

7.17

(12/31)

7.06

(2/12)

5.69

(3/23)

4.97

(10/21)

7.60

(4/21)

7.49

(4/21)

7.36

(4/28)

6.19

(4/14)

5.54

(4/13)

6.99

(11/24)

7.15

(12/1)

7.05

(2/12)

5.74

(1^1/17)

4.96

(10/21)

8.52

(8/10)

8.32

(8/10)

7.77

(8/24)

7.79

(8/10)

5.59

(8/3)

7.29

(1/21)

7.28

(1/5)

7.11

(1/5)

6.42

(1/5)

4.99

(10/11)

10.61

(10/4)

10.52

(10/11)

9.39

(10/11)

8.68

(8/30)

7.15

(12/12)

Low

8.05

(2/15)

8.13

(1/4)

7.73

(1/4)

7.39

(1/4)

5.16

(2/7)

- High '

9.80

(5/2)

9.71

(5/25)

9.01

(5/2)

8.41

(5/2)

7.09

(5/29)

8.89

(2/7)

9.06

(2/28)

8.57

(2/28)

7.63

(2/21)

6.27

(2/13)

Low
- High
Low
1973 - High
Low
1974 - High

1975

RECENTLY OFFERED *
A a a UTILITY

8.26

1971 - High

1972

1

Low
1975 - May

June

2

9.80

9.69

9.01

8.41

6.95

9

9.65

9.60

8.96

8.25

6.86

16

9.54

9.61

8.88

8.18

6.88

23

9.61

9.66

8.85

8.16

7.09

30

9.62

9.70

8.90

8.24

7.09

6
13
20

9.41

9.53

8.85

8.16r

7.05

8.95.

7.99r

6.08
6.93

27

9.37p

9.31p

8.715
8. 73r
8. 7 4 p

7.95

9.07r

9.2%
9.14r

8.06p

7.00

NOTES:
1

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4
weeks.

3

Weekly average of dally closing figures.

4

Weekly average of dally figures. U.S. Treasury data.

6

Thursday flares. The average rating of the 20 bonds used In this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.




5

Table 3

5

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS OF DOLLARS

GROSS PROCEEDS
l

CORPORATE

PERIOD

2

STATE AND LOCAL
1973

1973

1975

3,328
2,687
3,217

2,327
1,962
3,933

2,357
2,322
2,086

2,255
2,003
2,025

1,977
1,515
2,467

April
May
June

3,059
3,164
2,981

2,497
2,543
3,578

2,370
2,786

2,397
2,304
2,166

1,826
1,939
2,152

July
August
September

3,260
2,668
1,620

2,631
1,806
1,915

1,459
1,106
1,701

2,028
1,657
1,750

October
November
December

4,625
3,762
3,471

3,398
3,563
3,238

2,860
2,483
1,479

2,313
2,257
2,089

9,232
9,204
7,548
11,858

8,222
8,618
6,352
10,199

6,283
6,867
4,266
6,822

5,959
5,917
5,435
6,659

18,436
25,984
37,842

16,840
23,192
33,391

13,150
17,416
24,238

11,876
17,311
23,970

1975
January
February
March

Q1
Q2
Q3
04

5,275
4,531
5,343

15,149

1st Half
3 Qtrs.
Year

1

1974

I

NOTES:
1 Securities and Exchange Commission estimates of yoss proceeds.
2 Securities Industry Association estimates of principal amounts.




.

6,765

1

1974

|

NEW CORPORATE SECURITY ISSUES
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS

GROSS PROCEEDS BY TYPE OF ISSUE
PUBLICLY
OFFERED

1974 -

I I
III
IV

1975 - I

5,883
5,025
8,611

1,788

1,533

7,548
11,858

1,227
1,552

1,295
1,695

115
373
374

39
310
76

15,149

10,828

2,212

2,109

1,255

9,204

1,189
2,376
3,697

1

2,542
1,887
4,059
6,033

4,727

1,303
1,008
743
1,351

2,172
2,279
3,362
3,040

3,217

2,020

437

760

21

52

641

1,299

331

947

Apr.
May
June

3,059
3,164
2,981

1,594
2,350
1,939

665
607
516

800
207
526

63
42
10

12
15
12

1,202
862
478

1,131
912
1,147

288
663
356

442
730
1,000

July
Aug.
Sept.

3,260
2,668
1,620

2,086
2,042
897

620
299
308

555
327
415

223

1,094
605
188

618
1,079
680

295
364
349

1,254
620

150

205
104
1

Oct.
Nov.
Dec.

4,625
3,762
3,471

3,423
3,016
2,172

37d
335
846

832
410
453

175
199

76

743
1,698

2,109
963

1,298
1,011
1,053

Jan.
Feb.

5,275
4,531
5,343

3,657
3,201
3,970

1,028
708
476

590
622
897

470
610
175

1,226
761
1,053

1974 - M a r .

1975

GROSS PROCEEDS BY TYPE OF ISSUER
COMMON
MEMO
PUBLIC
MANUFACCOMMUNIOTHER
AND
ISSUES INCLUDED
PRIVATELY
UTILITY
CATIONS
TURING
ISSUERS
PLACED PREFERRED
FOREIGN [CONVERTIBLE
STOCK

Mar.

NOTES:
1
Other issuers we extractive, railroad and other transportation, real estate and finance, and commercial and other.
Source: Securities and Exchange Commission.




1

1,618

625

475
93
175

1,848
1,713
2,472

1,269
1,951
1,507

932
107
312

404

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY1
June 2, thru June 27, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Kansas City Power & Light
Central Illinois Public Service
UGI Corp.
Arizona Public Service
New England Tel. & Tel.
General Motors Acceptance Corp.
UGI Corp.
International Tel. & Tel. Corp.
International Tel. & Tel. Corp.
International Tel. & Tel. Corp.
CIT Financial Corp.
Union Oil Co. of Calif.
Arizona Public Service
Moore McCormack Leasing Inc.
Moore McCormack Leasing Inc.
Southern California Edison
Texas Eastern Transmission
Texas Electric Service
Northeast Utilities
Dayton Power & Light
Data General Corp.
G. D. Searle & Co.
Texas Electric Service

Pfd stk
Com stk
Pfd stk
Com stk
Debt
Sr sub notes
1st mtge
Conv debt
Notes
Debt
Debt
Debt
1st mtge
Gtr ship fin
Gtr ship fin
Pfd stk
Pfd stk
Pfd stk
Com stk
Com stk
Com stk
Notes
1st mtge

20.0
27.0
15.0
30.5
175.0
100.0
25.0
100.0
75.0
75.0
150.0
150.0
75.0
8.2
68.6
48.6
40.0
30.0
45.6
24.0
30.8
150.0
50.0

10.70
——

11.00

—
—

—

—
—

—

—

—
—

—
—

1981
2005

A
——

Baa
——

9.48
8.70
11.00
8.63
9.13
10.07
9.57
8.45
9.80
7.10-8.15
8.88
' 9.20
11.50
9.36

9.50
8.70
11.00
8.63
9.13
10.00
9.50
8.38
9.80
7.10-8.15
8.88
9.20
11.50
9.36

2010
1983
1990
2000
1983
2000
1995
1985
1980
1983
2001

Rights offering.
Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.




11.00

——

NOTES:
•
1

10.70
——

—

8.00
8.88

8.05
8.92

Aaa/AaAa/A
A/ABaa/Bbb
A
A
Aa
Aa
Baa/AAaa
Aaa
Aa
—-

Aa
—
—

Aa
Aaa

Table 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 2, thru June 27» 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

9.50
8.00
10.00
8.38
9.25
9.88
8.75
8.63
7.88
10.24

9.50
8.00
10.00
8.47
9.25
9.88
8.75
8.63
7.88
10.24

Aa
Aa
Baa/Bbb
Aaa
A/ABaa/Bbb
Aa
Aaa
Aaa
Baa/A

11.00
9.05
8.88
9.45
6.75-8.10
8.00
8.50
8.88
9.25
8.75

11.00
9.05
8.65
9.45
6.75-8.10
8.00
8.55
8.96
9.25
8.79

Baa
Aaa/Aa
Aaa
A
A
Aa
Aa
A/A+
A
A/A+

CORPORATE

Laclede Gas Co.
Squibb Corp.
Texas Eastern Transmission
Standard Oil Co. of Indiana
Long Island Lighting Co.
Portland General Electric
Public Service of Oklahoma
Zapata Off-shore Co.
Zapata Off-shore Co.
Southern Union Gas Co.
Southern Co.
Jersey Central Pwr. & Lgt.
ICI North America Inc.
Northwestern Bell Tele. Co. (Omaha)
Pullman Transport Leasing Co.
Pullman Transport Leasing Co.
Monsanto Co.
Monsanto Co.
Associated Dry Goods Credit Corp.
Ideal Basic Industries Inc.
California Water Service




1st mtge
Notes
1st mtge
x
Debt
1st mtge
1st mtge
1st mtge
Gtr ship fin
Gtr ship fin
Pfd stk
Com stk
Pfd stk
Gtd SF debt
Debt
Equip tr
Equip tr
Notes
SF debt
Notes
Debt
1st mtge

20.0
100.0
60.0
300.0
80.0
27.0
50.0
50.6
41.4
15.0
137.5
25.0
100.0
150.0
22.5
7.5
100.0
175.0
50.0
50.0
26.0

1995
1985
1985
2005
1983
1985
2005
1996
1985
-—
——
——

1995
2012
1995
1976-1980
1985
2000
1983
2000
1983

Table 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 2, thru June 27» 1975
TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Columbus & Southern Ohio Elect. Co.
General Tele Co. of Penn.
National Fuel Gas
Merck & Co.
Manufacturers Hanover Corp.
Manufacturers Hanover Tr. Co.
Monongahela Power
Mississippi River Corp.
Consolidated Natural Gas Co.
Lucky Stores Inc.
Pizza Hut Inc.
U.S. Bancorp
Washington Gas Light Co.
Gas Service Co.
United Illuminating Co.
Private Export Funding Corp.
NL Industries Inc.
Kerr-McGee Corp.
Geo. A. Hormel & Co.
AMF Inc.
Iowa-Illinois Gas & Elect.Co.
International Harvester Credit Corp.
Kansas Gas & ELectric Co.
Southern Union Gas Co.
Kerr-McGee Corp.




1st mtge
1st mtgeDebt
Notes
Notes
Debt
1st mtge
Conv debt
SF debt
Conv debt
Conv debt
[ Conv debt
1st mtge
1st mtge
Debt
Notes
Debt
Notes
Notes
Notes
1st mtge
Notes
1st mtge
Pfd stk
Com stk

50. 0
30. 0
21. 0
200. 0
125. 0
75.0
30. 0
25. 0
100. 0
40. 0
25. 0
20.,0
40.,0
25.,0
30,.0
100,.0
125,.0
75 .0
25 .0
60 .0
20 .0
75 .0
40 .0
15 .0
69 .4

1982
2005
1984
1985
1982
1985 .
2005
1995
1995
2005
1995
1985
1987
1995
2000
1982
2000
1983
1985
1985
2005
1981
2005
—

9. 25
9.25
9.00
7.88
8. 38
8. 50
9. 88
8.,00
9.,25
6..75
6..25
8.,00
9 .13
10 .00
10 .25
7 .88
9 .38
8 .00
9 .00
10 .00
9 .38
8 .75
9 .63
10 .24

9.30
9.35
9.00
7.88
8.38
8.54
9.80
8.00
9.25
6.75
6.25
8.00
9.13
10.09
10.25
7.92
9.38
8.11
9.00
10.00
9.38
8.90
9.60
10.24

A/Bbb
A
A
Aaa
Aaa
Aaa
- A
Ba/Bb
Aa
Baa/Bbb
-/B
A
A
A
A
Aaa
A
Aa
A
Baa/Bbb
Aa
A
Aa/AaBaa
vo

Table 5A C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS ,
OTHER THAN U.S. TREASURY
June 2, thru June 27, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

COUPON RATE

OFFERING
YIELD

——

10.20

10.20

——

——

—

MATURITY

MOODY'S
RATING

CORPORATE

Washington Gas & Light
Carter Hawley
Gas Serv. Co.
Iowa-Illinois Gas & Electric
VEPCO
Kansas Gas & Electric
Victoria Station Inc.

Pfd
Com
Com
Com
Com
Com
Com

Other
Komatsu Ltd.
Province of Ontario
Province of Ontario
Commonwealth Of Australia
Commonwealth of Australia
Calgary Power Ltd.

Conv SF debt
Debt
Notes
Notes
Notes
Pfd stk




stk
stk
stk
stk
stk
stk
stk

10.0
41.0
5.4 .
18.0
53.0
14.6
11.7

50.0
150.0
125.0
50.0
50.0
20.0

——

—

__

—

—

——
—

1990
2005
1982
1980
1983

7.25
9.13
8.20
8.45
8.75
9.80

A
——
——

—

—
—

—

7.25
9.17
8.20
8.45
8.75 .
9.80

—

Baa/Bbb+
Aaa/Aa
Aaa/Aa
Aaa
Aaa

- siy-r-K

f-

•. - -

•-

... •>, "

-

5.- ->«=r,,:i=

. .

• $,«

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
June 2, thru June 27, 1975
ISSUER

TYPE

2

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

1975-1998
1977-1989
1997
1978-2002
1985
2005
1976-2000
1976-1994
1976-1995
2005
1980-2001
1976-2000
1976-1995
1977-1990
1977-1994
1977-1997
2010
2021
1976-2000
1977-2000
2015
1985
2005

7.87
9.61
9.61
7.39

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Albany Co., N.Y.
Virgin Islands Water & Power Auth.
Virgin Islands Water & Power Auth.
Ohio, State of
East Chicago, Indiana
East Chicago, Indiana
Essex Co., New Jersey
Florida, State of
Alaska Housing Finance Corp.
Alaska Housing Finance Corp.
Lower Colorado River Auth., Texas
Oakland Unified S.D., Calif.
California, State of
Ohio, State of
Arlington Co., Va.
Pennsylvania Hsg. Finance Agency
Pennsylvania Hsg. Finance Agency
Pennsylvania Hsg. Finance Agency
West Virginia, State of
Metropolitan Water Dist. of S. Calif.
Metropolitan Water Dist. of S. Calif.
St. Charles Parish, La.
St. Charles Parish, La.

G.O.
Rev
Rev
Rev
Rev
Rev
G.O.
G.O.
Rev
Rev
Rev
G.O.
G.O.
G.O.
G.O.
Rev
Rev
Rev
G.O.
Rev
Rev
Rev
Rev

35.0
5.0
20.0
11.5
7.0
20.0
28.8
15.0
5.3
6.7
50.0
20.0
100.0
30.0
20.0
3.3
7.0
13.5
50.0
30.0
55.0
15.0
16.0

—
—

6.59
5.81
7.81
7.81
7.28
6.30
5.84
6.53
6.14
8.04
8.04
8.04
5.83
6.80
6.80
—

5.00-8.00
6.50-9.00
9.50
5.20-7.70
6.75
8.13
4.25-6.90
4.00-6.60
5.50-6.35
7.75
5.50-7.60
3.90-6.75
3.60-6.40
4.75-6.90
4.30-6.60
5.50-7.65
7.90
8.00
3.60-6.50
4.10-6.60
6.84
5.88
6.75

A
A
A
A
—
—

Aa
Aa
A
A
A-l
Aa
Aaa
Aa
Aa
A-l
A-l
A-l
A-l
Aa
Aa
Aaa
Aaa

NOTES:
1

Includes only state and local security offerings of $10 million and over; excludes secondary offerings.

2

In case of State and local government securities, G O denotes general obligation; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut„ revenue bonds secured only by income from quasi-utilities; Rev-S T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by lease payments.

3

Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies.




Table SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 2, thru June 27, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Ascension Parish, La.
Chicago, Illinois
Philadelphia, Pa.
Philadelphia, Pa.
Purdue University, Ind.
Wood Co. Building Comm. W. Va.
Wood Co. Building Comm. W. Va.
Wood Co. Building Comm. W. Va.
Connecticut, State of
Georgia, State of
Alpena Co., Mich.
Alpena Co., Mich.
Allegheny Co. Hospital Dev. Auth.
Allegheny Co. Hospital Dev. Auth.
Allegheny Co. Hospital Dev. Auth.
Iridustry Urban Dev. Agency, Calif.
Industry Urban Dev. Agency, Calif.
Port Authority of N.Y and N.J.
Wilkes-Barre Area Sch. Dist., Pa.
Wilkes-Barre Area Sch. Dist., Pa.
Wilkes-Barre Area Sch. Dist., Pa.
Bay Co., Mich.
Dallas Co. Community College Dist.
Texas
Missouri Housing Dev. Comm.
Washington, State of
Maryland Dept. of Transportation




Aaa
Aa
A
A
A

6.93

6.75
5.90-6.70
5.50-7.25
8.00
4.25-7.65
6.80-8.70
9.25
8.88
3.50-6.10
3.50-6.30
5.50-6.60
8.00
6.00-7.75
8.25
9.00
3.50-6.60
4.75-7.90
7.03
4.75-6.50
7.50
7.75
4.25-7.30

1976-1993
1976-2018

5.53
7.90

3.40-6.40
4.50-7.84

Aaa
A-l

1976-2000
1977-1990

5.96
6.53

3.50-6.50
4.50-6.80

t

Rev
G.O.
Rev
Rev
Rev
Rev
Rev
Rev
G.O.
G.O.
Rev
Rev
Rev
Rev
Rev
Rev
G.O.
Rev
G.O.
G.O.
G.O.
Rev

14.0
32.0
17.5
17.5
10.0
2.0
4.0
7.0
100.0
50.0
2.9
10.7
4.0
4.0
29.7
52.0
32.0
100.0
2.9
2.8
5.0
22.0

2005
1986-1992
1977-1985
1995
1976-2005
1979-1989
1998
2006
1976-1995
1976-2000
1980-1987
2000
1978-1985
1990
2005
1975-1997
1976-2005
1978
1978-1985
1990
1996
1977-2002

G.O.
Rev

30.0
10.0

G.O.

37.5
45.0

Rev

—

\

6.50
7.90
7.90
7.44

5.64
5.93
——
——

9.03
9.03
9.03
7.12
7.12
7.34

—

—

Aaa
Aaa
A
A
A
A
A
Aaa
A
A

A-l

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 2, thru June 27, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Brooke County Comm. W. Va.
Brooke County Comm. W. Va.
Massachusetts Hsg. Finance Agency
Minneapolis-St. Paul Airports Comm.,
Minn.
Lake Co. Forest Preserve Dist., 111.
Brazos River Auth., Texas
Brazos River Auth., Texas
Bergen Co., N.J.
Detroit Building Auth., Mich.
Hawaii, State of
Hawaii, State of
Jefferson Co. S.D. # R-l, Colo.
Omaha Public Power Dist., Neb.
Omaha Public Power Dist., Neb.
Connecticut Hsq. Finance Auth.
Connecticut Hsq. Finance Auth.
New York State Hsq. Finance Agy.
Prince George's Co., Md.
Racine, Wise.
Clark Co. Public Utility Dist. #1,
Wash.
Fernandina Beach, Fla.
Fernandina Beach, Fla.




Rev
Rev
Rev

1.0
10.2
25.0

1985
2005
1977-2016

9.31
9.31
7.99

7.25
9.25
5.25-8.00

Baa
Baa
A-l

Rev
G.O.
Rev
Rev
G.O.
Rev
Rev
Rev
G.O.
Rev
Rev
Rev
Rev
Rev
G.O.
G.O.

10.0
10.0
6.0
24.0
10.6
30.0
6.9
13.1
37.6
31.7
58.3
29.0
6.0
94.0
27.0
19.5

1978-2005
1978-1991
1980-1989
2004
1976-1995
1979-1994
1979-1990
2000
1977-1987
1978-1995
2007
1977-1998
2007
1976-2005
1976-2000
1976-1989

6.31
6.01
7.10
7.10
5.82
9.82
7.39
7.39

Aa
A-l
Aa
Aa
Aaa
Baa

7.65
7.65
7.00
7.00
9.10
6.19
6.32

4.25-6.60
4.50-6.70
5.20-6.40
7.20
3.75-6.40
8.25-9.50
5.25-7.00
7.50
4.40-5.90
4.75-7.30
7.75
5.00-7.10
7.38
6.25-9.00
4.50-7.00
4.50-6.70

Rev
Rev
Rev

14.0
1.0
16.7

1981-2005
1997
2000

7.24
7.96
7.96

5.50-7.40
7.88
7.88

Aa
A
A

A
A
A-l
A-l
Aa
Aa
A-l
Aa
A-l

t

\

Table SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. tREASURY
June 2, thru June 27, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

5.49
—
8.27
8.27
7.25
7.25

4.90-5.70
6.63
6.10-6.80
8.60
4.50-7.00
7.50

MOODY'S
RATING

STATE AND LOCAL

Utah, State of
St. John The Baptist Par., La.
Illinois Health Fac. Auth.
Illinois Health Fac. Auth.
Springfield, Mo.
Springfield, Mo.




G.O.
Rev
Rev
Rev
Rev
Rev

70.0
19.0
7.6
9.4
13.0
10.0

1980-1988
2005
1978-1985
1988-1995
1977-1995
2005

Aaa
Aaa
A
A
Aa
Aa

15

Table 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

as of June 27, 1975

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Bell Telephone Co. of Pennsylvania
Reading & Bates Offshore Drilling
Co.
North American Philips Corp.
Burlington Northern Inc.
Delmarva Power & Light Co.
Equitable Gas Corp.
Consumer Power
Consumer Power
Delmarva Power & Light Co.
*Standard Oil Co. of Calif.
*Montgomery Ward & Co., Inc.
Montana Power
Montana Power
*Ford Motor Credit Co.
*Ford Motor Credit Co.
Southern Railway
Jersey Central Power & Light
Public Service of Indiana
USLIFE Corp.
South Carolina Electric & Gas
South Carolina Electric & Gas
Union Pacific RR Co.
Bell Tele, of Penna.
Duquesne Light Co.
Detroit Edison Co.
*Mountain Fuel Supply Co.
*Cities Service Co.
Norfolk & Western RR
Arkansas Power & Light
Arkansas Power & Light
Interstate Power
*Missouri Pacific RR Co.
*Columbus & So. Ohio Elec.
Georgia Power Co.
Texas Gas Transmission Co.
Louisville & Nashville RR Co.
General Tele. Co. of Illinois

Com stk
Com stk
Com stk (rts)
Equip tr
Com stk
1st mtge
1st mtge
1st mtge
1st mtge
SF debt
&F debt
Com stk
1st mtge
Notes
Debt Equip tr
1st mtge
Pfd stk
Notes
1st mtge
Com stk
Equip tr
1st mtge
Com stk
Pfd stk
Debt
SF debt
Equip tr
1st mtge
Pfd stk
Com stk
Equip tr
Com stk
1st mtge
Debt
Coll tr
1st mtge

65.0

June

24.6
26.0
15.0
22.0
25.0
75.0
50.0
30.0
300.0
75.0
30.0
35.0
100.0
125.0
15.0
35.0
30.0
50.0
20.0
15.0
15.0
150.0
53.0
50.0
25.0
150.0
15.0
40.0
20.0
15.0
15.0
40.0
100.0
40.0
50.0
40.0

June
June
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July

NOTES:
•

Included in table for first time.

1

Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




30

1
1
1
1
7
7
8
8
8
8
8
9
9
9
10
10
10
15
15
15
15
15
15
16
16
16
17
23
23
23_
24
24

Table 6A Continued

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U S: TREASURY '
as of June 27, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

^Baltimore Gas & Electric
North American Philips Corp.
^Minnesota Power & Light Co.
^Minnesota Power & Light Co.
*Big Three Ind. Inc.
^National Starch & Chemical Corp.
*Arco Pipeline Co.
*Hughes Tool Co.
*American Broadcasting Co.
Houston Lighting & Power
A. E. Staley Manufacturing
Barnett Banks of Fla., Inc.
Georgia Power Co.
*Schlumberger Ltd.
Potomac Edison Co.
American Finance Corp.
ERC Corp.
Ashland Oil Inc.
Emerson Electric Co.
First .Maryland Bancorp

1st mtge
Debt
1st mtge
Com stk
Com stk
Conv debt
Notes
SF debt
SF debt
Com stk
Com stk
Notes
Pfd stk
Com stk
1st mtge
Debt
Debt
Debt
Notes
Notes

60.0
75.0
35.0
10.0
50.0
25.0
200.0
40.0
75.0
40.0
47.6
50.0
60.0
171.0
35.0
30.0
25.0
100.0
50.0
25.0

July
July
July
July
July
July
July
July
July
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF

29
29
31
31

Other
*World Bank
*World Bank

Notes
Notes

200.0
300.0

July
July

10
10




Table 6B

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U S. TREASURY

1

as of June 27, 1975

TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

*Skowhegan, Maine
*Massachusetts, State of
*Delaware, State of
*Michigan State Hospital Fin. Auth.
Henrico Co., Va.
Montgomery Co., Pa.
Anne Arundel Co., Md.
*Beaver Co. Industrial Dev. Auth.,
Pa.
*Maryland Dept. of Transportation
^Municipal Assistance Corp.
*Municipal Assistance Corp.
*Pennsylvania Industrial Dev. Auth.
*Marshall Co., Ky.
*Montgomery, Ala.
*Nueces Co. Navigation Dist., Texas
*0hio, State of
Florida State Board of Education
*Houston, Texas
San Diego U.S.D. Pub. Sch. Bldg.
Corp., Calif.
Ohio, State of
*Gulf Coast Waste Disposal Auth.,
Texas
*Sabine River Auth., Texas
*Philadelphia Mun. Hosp. Auth., Pa.
Braintree, Mass.
*Hampton, Va.
Michigan State Hsg. Dev. Auth.
*Maryland, State of
*Trinity River Auth., Texas

Rev
G. 0.
G.O.
Rev
Rev
G.O.
G.O.

24.0
450.0
50.0
42.5
12.0
12.0
20.0

June
June
July
July
July
July
July

Rev
Rev
Rev
Rev
Rev
Rev
G.O.
Rev
Rev
Rev
Rev

13.5
34.0
299.1
700.9
35.0
15.0
17.0
18.9
11.5
37.9
25.0

July
July
July
July
July
July
July
July
July
July
July

8
8
8
8
9

Rev
G.O.

37.0
34.0

July
July

9
9

Rev
Rev
Rev
G.O.
G.O.
Rev
G.O.
Rev

15.6
40.0
27.6
20.0
12.7
25.0
155.7
17.4

July
July
July
July
July
July
July
July

10
15
15
16
17
17
23
23

NOTES:
1

Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction
issues of Federally sponsored agencies; excludes secondary offerings.
Included in the table for the first time.




30
30

Table 7

STOCK PRICES AND VOLUME
STOCK PRICES

BJ INDUSTRIALS

TRADING VOLUME

NASDAQ

NYSE

136.84 ( 1 / 1 1 )
89.12 (12/13)

26.0 ( 9 / 2 0 )
9.0 ( 8 / 2 0 )

5.5 (1/12)
1.4 ( 8 / 2 0 )

11.3 ( 1 / 1 1 )
3.5 )8/27)

1973 - High 65.48 ( 1 / 1 1 )
Low 49.12 (12/13)

1051.50 (1/11)
788.31 (12/5)

1974 - High 53.37 ( 3 / 1 3 )
Low 32.89 ( 1 0 / 3 )

891.66 (3/13)
577.60 (12/6)

102.01 (3/14)
59.13 (12/6)

96.53(3/15)
54.87 ( 1 0 / 3 )

24.9 ( 1 / 3 )
7.5 (7/5)

4.4 (1/3)
.9 (9/26)

7.5 (1/3)
2.8 ( 7 / 5 )

1975 - High 50.66 (6/27)
Low 37.16 (1/8)

874.14 (6/26)
632.04 ( 1 / 2 )

92.94 (6/27)
62.20 (1/2)

86.50 ( 6 / 2 7 )
60.70 ( 1 / 2 )

35.2 ( 2 / 1 3 )
13.4 ( 1 / 2 0 )

4 . 2 (2/21)
1.5 ( 1 / 2 1 )

8 . 1 (2/13)
3.6 (1/20)

130.47 (1/11)
85.26 (12/20)

4
11
18
25

42.98
44.61
45.75
45.95

747.26
789.50
808.43
811.80

79.01
81.24
83.41
84.18

74.73
76.31
78.08
78.64

14.9
18.3
26.9
21.9

1.8
2.1
3.0
2.5

4.8
5.0
6.8
6.2

2

47.18
47.94
47.96
48.05
48.46

848.48
850.13
837.61
831.90
832.29

84.91
87.39
87.11
87.73
88.68

80.25
82.82
82.44
82.62
83.10

19.9
24.3
24.1
17.9
20.0

2.3
2.8
2.5
2.0
2.7

5.6
7.0
6.4
5.8
6.5

49.19
48.20
49.39
50.66

839.64
816.96
855.44
873.12

90.69
89.43
91.08
92.94

84.77
83.43
85.24
86.50

24.7
19.0
19.9r
23.4

3.4
2.4
2.1
3.1

6.0

9
16
23
30
6

13
20
27

NOTES:
1
2

Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.
Volume figures are weekly averages of daily figures (millions of shares).

3
k

Based on average price change until September 4,1973 thereafter, based on market value of shares listed.

12/31/66 - GO




7.2
6.2

6.3

Table 8

19

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON 1
MARGIN
STOCK

BROKERS ON 2
CONVERTIBLE
BONDS

3
BANKS

|
IIIDCAI II ATCr\
UAUftlAD^IIl
UNRcuULATcD
NONMAHuIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1974 - Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1975 - Jan.
Feb.
Mar.
Apr.

5,330
5,370
5,180
5,080
4,760
4,510
4,020
3,930
3,960
3,840

180
179
172
172
158
156
148
145
139
137

1,008
1,009
1,020
1,037
1,023
953
924
916

1,869
1,868
1,858
2,072
2,091
2,119
2,060
2,024

891
856

2,053
2,064

3,950
4,130

134
136

848
830

1,919
1,897

4,260
4,440

134
138

845

1,848

100
40
-190
-100
-320
-250
-490
-90
-30
-120

-3
-1
-7
-14
-3
-7
-3
—6
-2

-31
1
11
17
-14
-70
-29
-8

110
180

-3
2

130
180

-2
4

n.a.

CHANGE IN OUTSTANDING

1974 - Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1975 - Jan.
Feb.
Mar.
Apr.

—

-25

26
-1
. -10
214
19
28
-59
—36
+29

-35

+11

-8
-18
15

-145
-22
-49

'

NOTES:
1
Margin account debt asreportedby the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.
2
3
4

New York Stock Exchange data.
June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting
sample, which accounted for 60 per cent of security credit outstanding at banks on June 30.
Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve
System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL\SAVINGS BANKS
REGULAR dEPOSITS
NET f
FLOW
1971
1972
1973
1974

9,621
10,067
4,815
2,909

1974 - F e b r u a r y
March
April
May

521
1,240
-441
6

1975

909
2,052
626
1,140

February
March
April
Mayp/

1

ANNUAL 3
GROWTH
RATE
13.5
12.4
5.3
3.0

——
——

•» —
——
—

NET
NEW
MONEY

SAVINGS & LOAN ASSOCIATIONS
2

SHARE CAPITAL
NET
FLOW

5,378
5,451
-442
-2,822

27,793
32,567
20,237
16,008

341
308
-645
-182

1,824
4,165
-218
511

708
1,029
395
930

3,297
6,493
2,858
3,891

ANNUAL 3
GROWTH
RATE
19.0
18.7
9.8
7.0

——
—*
—

NET
NEW
MONEY

TOTAL
2

DEPOSITS
NET
FLOW

ANNUAL 3
GROWTH
RATE

20,653
23,884
10,507
4,669

37,414
42,634
25,052
18,917

1,697
1,751
-340
420

2,345
5,405
-659
517

3,114
3,690

4,206
8,545

2,673
3,686

3,484
5,031

—-

2,824
3,772
6,331
4,509
5,686

9.9
13.1
21.7
15.2
19.0

-—

17.2
16.7
8.4
5.8
__

—

—-

NET
NEW
MONEY
26,331
29,335
10,062
1,847
2,038
2,059
-985
238
3,822
4,719
3,068
4,616

SEASONALLY ADJUSTED
1975 - J a n u a r y
February
March
April
Mayp/

369
715
1,489
867
1,349

4.5
8.7
18.0
10.3
15.9

. -—
---

2,455
3,057
4,842
3,642
4,337

12.1
14.9
23.3
17.2
20.2

--

—

NOTES:
1

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.

2
New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources.
3
Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




——
--• --

2

21
T a b l e 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
B I L L I O N S OF D O L L A R S , S E A S O N A L L Y A D J U S T E D

OUTSTANDING C O M M I T M E N T S
PERIOD
TOTAL

ALL S A V I N G S
MUTUAL
& LOAN
SAVINGS BKS>
ASSOCIATIONS (N.Y. S T A T E )

NET CHANGE
TOTAL

A L L SAVINGS
MUTUAL
& LOAN
S A V I N G S BKS
ASSOCIATIONS (N.Y. S T A T E )

1971

- Dec.

17.7

14.0

3.7

1972

- Dec.

25.1

20.2

4.9

.56

.55

.01

1973

- Jan.

25.8

20.8

5 .0

.80

.66

.14

1975

.30

.19

Feb.

25.8

20.9

4.9

.21

.11

-.10

Mar.

25.4

20.6

4.8

-.43

-.28

-.15

24.8

20.2

4.6

-.57

May

24.0

19.5

4.5

-.89

-.77

-.12

June

23.7

19.3

4.4

-.21

-.15

-.06

July

23.1

18.8

4.3

-.67

-.56

-.11

Aug.

22.2

18.0

4.2

-.92

-.75

-.17

Sept.

21.0

17.0

4.0

-1.15

-1.00

-.15

Oct.

20.0

16.1

3.9

-1.06

-.90

-.16

Nov.

19.6

15.9

3.7

-.41

-.26

-.15

16.2

3.5

.15

.35

-.20

Apr.

1974

.49

-.40

-.17

Dec.

19.7

- Jan.

19.3

15.9

3.4

-.33

-.33

-.10

Feb.

19.4

16.0

3.2

-.06

.13

-.19

Mar.

19.5

16.4

3.1

.20

.33

-.13

Apr.

19.7

16.7

3.0

.20

.30

-.10

2.9

-1.08

-1.02

15.6

-.06

May

18.5

June

18.0

15.1

2.9

-.61

- .54

-.06

July

17.3

14.5

2.8

- .64

-.60

-.04
-.01

Aug.

16.7

13.9

2.8

-.56

-.55

Sept.

16.2

13.5

2.7

-.56

-.43

-.13

Oct.

14.9

12.5

2.4

-1.31

-1.01

-.30

Nov.

14.4

12.1

2.3

-.54

-.44

-.10

Dec.

14.4

12.2

2.2

. -.03

.14

-.11

- Jan.

14.4

12.3

2.1

-.04

.06

-.10

Feb.

14.4

12.6

1.8

.05

.30

-.25

Mar.

15.2

13.2

2.0

•71

.60

. 11

Apr.

16.2

14.2

2.0

1.13

1.07

.06

May

14.8

.

.62

NOTES:
Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end-of period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.




Table 11

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES

TOTAL

FHLB

FHLMC

+998
+1,349
+1,500
+1,300

—-

——

-150

+1,475
+1,693
+1,910
+1,946
+11
+598

+1,528
+1,349
+1,850
+1,950
-150
+256

1974 - Jan.
Feb.
Mar,
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

-671
-695
+424
+508
+1,442
+2,699
+1,804
+878
+2,768
+1,665
-89
+507

-756
-657
+450
-4
+992
+2,250
+1,499
+200
+2,750
+1,599
+93
+961

-800
-657

—

——

—

-4
+992
+1,500
+1,000
+400
+1,700
+1,499
-217
+470

—

1975 - Jan.
Feb.
Mar.
Apr. p
May p

-242
-659
440
-21
-1,546

-5
-254
689
100
-1,265

-4
-554
-11
0
-1,265




FNMA

+530

1973 - July
Aug.
Sept.
Oct.
Nov.
Dec.

——

+350
+650

——

—

+256

—

Notes:
Based on data from the Treasury Survey of Ownership.
1/ Sales of FHLB discount notes began in May 1974.
£./ Preliminary.

FNMA & FHLB

444

—
——
—

-200
——
-——

300
0
0
0

-—

+450
^

——
——

+750
+499
--

-

SHORT-TERM
DISCOUNT
NOTESJ./

-53
+344
+60
-4
+161
+342
+85
-38
-26
+512
+450
+449
+305
+678
+18
+66

+1,050
+100
+310
4491

-182
-454

-1
0
700
100
0

-237
-405
-249
-79
-281

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN M I L L I O N S O F D O L L A R S

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

2

F I N A N C I A L INSTITUTIONS
TOTAL

COMMERCIAL
BANKS
Not

16,827

MSB's

S & L's

INSURANCE F N M A - G N M A
COMPANIES

S e a s o n a l l v A d lusted

2,462

1,845

10,254

2,348

4,909

1970

21,736

1971

41,647

39,259

9,940

3,938

23,919

1,221

1972

57,587

55,561

16,800

5,377

31,932

1,452

2,026

1973

58,372

55,072

19,600

5,642

25,552

4,278

3,300

1974

42,748

36,526

11,700

2,170

17,578

5,078

6,222

45

565

545

764

79

522

475

516

22

595

729

453
451

1974

1975

1,655

500

Nov.

1,992

1,476

400

Dec.

2,255

1,082

500

- Oct.

2,419

-

2,388

- Jan.

1,313

862

100

66

428

268

Feb.

1,588

1,514

-100

100

1,111

403

74

Mar.

2,333

1,946

0

70

1,618

258

387

132

2,285

451

190

Apr.

3,525

3,468

. 600

57

3,185

May

S e a s o n a l l y A d lusted
1974

1975

- Oct.

2,847

2,205

533

98

1,037

537

642

Nov.

2,461

1,973

509

67

985

412

488

Dec.

1,986

1,456

734

-102

629

195

530

- Jan.

2,614

2,108

447

170

1,156

335

506

Feb.

2,829

2,630

184

242

1,648

556

199

Mar.

2,473

1,912

53

47

1,415

397

561

Apr.

3,719

3,328

584

166

2,015

563

391

May

2,770

181

NOTES:
1

Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan
Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the
Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether,
these groups accounted for 89 per cent of the net increase estimated for all holders in 1972.

2

Beginning January 1972 data reflect activity in limited amount of conventional mortgages.




NET INCREASE IN
MORTGAGE DEBT OUTSTANDING1
IN BILLIONS OF D O L L A R S , S E A S O N A L L Y ADJUSTED A N N U A L RATES

RESIDENTIAL
QUARTER

1968

1969

- I

1971

1973

1974

1975

1- to 4FAMILY

MULTIFAMILY

COMMERCIAI

MULTIFAMILN
&
COMMERCIAI

FARM

28.1

19.4

16.3

3.1

6.4

9.5

2.3

26.4

18.2

15 .0

3.2

6.0

9.2

2.2

III

25.5

17.2

13.6

3.5

6.5

10.1

1.8

IV

29.6

20.4

16.5

3.9

7.4

11.3

1.9

32.0

23.8

6.0

10.4

2.2

II

29.1

21.5

16.8

4.6

5.4

10.1

2.2

III

25.8

18.7

14.0

4.7

5.3

10.0

1.7

IV

25 .2

18.5

13.1

5.4

5.3

10.7

1.4

I

20.7

14.4

9.4

5.0

4.8

9.8

1.5

II

22.9

16.8

11.6

5 .2

4.6

9.8

1.5

19.4

4.4

III

28.5

21.3

15.0

6.3

5 .1

11.5

2.1

IV

31.8

22.8

16.2

6.6

6.8

13.4

2.2
2.2

- I

37.3

27.4

19.4

8.0

7.7

15.7

II

47.7

35.5

26.2

9.4

9.8

19.2

2.4

III

52.3

38.5

28.6

9.9

11.5

21.4

2.3
2.5

IV
1972

TOTAL

II

- I

1970

TOTAL

- I

54.2

41.2

31.3

9.9

10.5

20.4

62.8

46.1

37.7

8.4

14.1

22.5

2.6

II

64.9

47.0

37.4

9.6

15.3

24.9

2.6

III

65.1

47.1

38.0

9.1

15.3

24.4

2.6

IV

68.3

49.5

40.0

9.5

16.3

25.8

2.5

53.1

10.0

26.3

4.1

- I

83.4

63.1

16.3

II

75.6

53.9

44.0

9.9

17.8

27.8

III

71.3

51.4

41.8

9.6

16.3

25.9

3.6

IV

57.9

38.3

31.7

6.5

15.0

21.5

4.6

- I

3.8

58.5

39.5

32.1

7.4

15.4

22.7

3.6

II

65 .3

44.0

37.1

6.8

17.3

24.1

4.0

III

50.0

35.7

27.5

8.2

9.0

17.2

5.3

IV

38.6

23.7

17.3

6.4

7.6

14.0

7.3

- I p

34.9

25.8

21.1

4.7

8.8

4.7

,

4.2

NOTES:
1

Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association,
Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of
property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.

2

May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment.

3

Residential mortgage debt includes nonfarm only and is sum of 1 to 4- family and multifamily mortgage deb^combmed.




Table 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

PERMITS
PERIOD

1969
1970
1971
1972
1973
1974

•

1974 - July
Aug.
Sept.
Oct.
Nov.
Dec .
1975 - Jan.
Feb.
Mar.
Apr.
May

2-OR MORE
FAMILY

TOTAL

1—FAMILY

1,324
1,352
1,952
2,219
1,820
1,052

626
647
928
1,033
882
726

698
705
1,025
1,186
937
419

1,017
900
823
782
730
822

632
618
577
533
511
486
495
524
503
603 .
653

682
714
677
837
909

TOTAL

STARTS
1—FAMILY

TOTAL

COMPLETIONS
MOBILE
HOME
1—FAMILY 2-OR MORE
FAMILY
SHIPMENTS

656
621
901
1,048
914
450

1,399
1,418
1,706
1,972
2,005

808
802
1,014
1,143
1,166

592
617
692
828
838

413
401
497
576
580

920
826
845
792
802
682

394
330
312.
314
215
198

1,655
1,592
1,562
1,627
1,657
1,606

934
919
899
908
893
852

721
674
663
719
763
754

340
316
252
217
195
195

739
733
775
770
886

260
.267
210
216
240

1,535

964

1,320
1,292
1,173

770
721
724

571
550
571
449

185
219
199
194

1,467
1,434
2,052
2,357
2,045
1,338

811
813
1,151 .
1,309
1,132
888

385
282
246
249
219
336

1,314
1,156
1,157
1,106
1,017
880

187
190
173
234
256

999
1,000
985
986
1,126

.

2-OR MORE
FAMILY

-

NOTES: Private permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census
Bureau data. A dwelling unit is started when excavation begins. In the case o-Z apartment buildings, all units
are considered started at that timti; however, all such units are considered completed when more than half of the
units in the structure are ready for use. Private mobile home shipments" are Mobile Home Manufacturers Assoc. data
converted to seasonally adjusted annual rate by Census Bureau.
for 1/
FRASER
Permit daia for 1969 and 1970 based on 13,000 areas with permit systems.

Digitized


M
01

T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

1

1
RATE
(IN PER CENT)

NEW HOMES

EXISTING HOMES

PERIOD
SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
BETWEEN
RETURNS ON
NEW A a a
CONVENTIONAL
UTILITY
1
AND HUD(FHA)
BOND
NEW HOME
YIELD
DISCOUNT
(PERCENTAGE M O R T G A G E S (IN PER CENT)
(BASIS
POINTS)
POINTS)

. H U D ( F H A ) INSURED L O A N S
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1973 - High
Low

8.95
7.70

107.
31

8.95
7.75

107
37

9.18
7.55

130
14

9.4
2.2

21
-23

8.36
7.38

1974 - High
Low

9.80
8.55

45
-70

9.80
8.60 x

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

10.46
8.10

1974 - Jan.
Feb.
Mar.
Apr.
. May

8.65
8.55
8.60
8.90
9.15
9.25
9.40
9.60
9.80
9.70
9.55
9.45 '

40
45
-4
-8
6
-25
-70
-39
-66
-33
-13
n.a.

8.65
8.60
8.60
8.90
9.15
9.25
9.40
9.60
9.80
9.70
9.60
9.45

40
50
-4
-8
6
-25
-70
-39
-66
-33
-8
n.a.

n.a.
8.54
8.66
9.17
9.46
9.46
9.85
10.30
10.38
10.13
n.a.
9.51

n.a.
44
2
19
37
-4
-25
31
-8
10

n.a.
2.3
3.2
5.1
5.3
5.3
6.3
5.8
6.3
4.6
n.a.
3.8

n.a.
1
-6
-27
-31
-21
-45
-70
-58
-43
n.a.
-6

8.25
8.10
8.64
8.98
9.09
9.50
10.10
9.99
10.46
10.03
9.68

9.15
9.05
8.90
9 .00

15
11
-70
-66

9.20
9.05
8.95
9.05

20
11
-65
-61

8.99
8.84
8.69

-1
-10
-91
n.a.

3.8
2.6
5 .4
n.a.

16
21
21
n.a.

9.00
8.94
9.60

July
Aug.
Sept.
Oct.
Nov.
Dec.
1975 - Jan.
Feb.
Mar .
Apr .

9.66

NOTES:
1

Gross yield spread is average mortgage returi^ before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection.

Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas
of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used.




T a b l e 16
27

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
( I N M I L L I O N S OF D O L L A R S )

D A T E OF
AUCTION

OFFERED
1974 - High
Low
1975

-

Jan.

Feb.

Mar.

Apr.

AVERAGE
YIELD

AMOUNT
(IN M I L L I O N S O F D O L L A R S )
OFFERED

1 ACCEPTED

1155

(3/25) 333

(3/25) 10.59

( 9 / 9 ) ,164

26

(11.18) 18

(11/18) 8.43

(2/25

14

|

(4/18)
(10/21)

AVERAGE
YIELD

ACCEPTED
63
7

(4/8)
(11/18)

10.71
8.47

13

25,.3

21.2

9.37

17.9

14.9

9.50

27

41..4

18.6

9.12

11.1

10.6

9.39

10

24..6

18.1

8.98

14.8

9.1

9.20

24

36..2

23.8

8.87

20.0

9.1

9.04

10

9 9 .-2

60.1

8.78

34.4

22.1

8.96

24

4 6 0 .,5

321.4

8.85

60.7

35.8

9.00

7

5 5 1 ..6

2 7 7 .2

8.98

99.8

44.6

9.13

21

4 7 0 ..9

247.3

9.13

79.2

64.8

9.26

(9/9)
(3/11:

i
May

5

525.5

280.4

9.29

69.8

43.9

9.43

19

165.6

115.0

9.25

46 4

38.4

9.41

2

172.5

80.4
38.6

9.14
9.06

51.2
28.5

27.1
15.7

9.26
9.21

16

7 3 .4

NOTES:
Average secondary market yields are gross before deduction of the fee of 38 basis'points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years forSOyear loans, without special adjustment for Federal National
Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts
offered by bidders relate to total eligible bids received.